RE: Woodbois16 Jan 2023 21:38
"Chicago lumber futures bottomed around the $350 per thousand board feet mark, a level not seen since June 2020, as soaring interest rates continued to depress real estate activity. The Federal Reserve's aggressive tightening cycle has pushed the 30-year mortgage rate to above 6%, dragging down sales and reining in home price growth while putting a severe dent in homebuilder confidence. The latest report from the US Census Bureau showed that new permits for home construction, a potential indicator of future activity, plunged more than 10% to 1.351 million units in November, the lowest since June 2020. The benchmark is now down almost 80% since its May 2021 peak of around $1,700, when supply chain issues compounded strong demand." Maybe this is the real answer?